AMF Fastigheter buys three malls in downtown StockholmDigital Manager
AMF Fastigheter has confirmed the completion of three major purchases in central Stockholm. The company is the new long-term owner of the three shopping malls Fältöversten, Ringen and Västermalmsgallerian.
The acquisition is part of AMF Fastigheter’s strategy to complement their existing property portfolio with additional commercial properties in Stockholm city centre.
“We look forward to working with our tenants and will continue to develop Fältöversten, Ringen and Västermalmsgallerian into attractive shopping centres that locals want to visit”, says Mats Hederos, CEO of AMF Fastigheter.
“This acquisition is both strategically important and a wonderful addition to our other two key Stockholm retail projects, Gallerian at Hamngatan and MOOD Stockholm. By owning several properties in the inner city we can utilise the business skills we have built up.”
The properties were acquired from three separate companies and cover a total area of approximately 60,000 square feet. Centeni, a company owned by Royal Bank of Scotland, served as the vendor.
Commercial real estate, in desirable central locations in Stockholm, has historically proven to be a good investment with stable returns to AMF’s pension savers. AMF Fastigheter has established itself as a property owner with a stable, long-term investment strategy, which includes in-house operational and management teams, together with extensive knowledge of both commercial and office sectors.
We believe in strong long-term economic growth in Stockholm, which is vital for investment in real estate”, adds Mats Hederos.
The purchase is approved by konkurrensverket (office of trading standard). AMF will officially become owner of the properties in the first quarter of 2012. The parties agree not to disclose the exact price of the purchase.
FACTS ABOUT THE MALLS:
Fältöversten at Karlaplan in Östermalm covers approximately 21,000 m2 (inclusive of all retailers and eateries). In 2010 the annual footfall reached 5.6 million. Among the major tenants are Sabis, H & M, Systembolaget, ICA, Åhléns and McDonald’s.
Ringen at Skanstull in Södermalm covers about 21,000 m2 (inclusive of all retailers and eateries). The total footfall for 2010 was 4.4 million. Tenants include ICA, H & M, Systembolaget, Lindex, Apoteket heart and MQ.
Västermalmsgallerian Fridhemsplan in the Kungsholmen district covers approximately 17,000 m2 (inclusive of all retailers and eateries), with approximately 8.3 million visitors in 2010. Among the major tenants are H & M, ICA, Granite, MQ, Twilfit and SOLO.
The three properties together have 60,000 m2 of retail space. The properties are located close to the subway exits.
ABOUT AMF FASTIGHETER:
AMF Fastigheter is one of Sweden’s largest property investment and development companies, focusing mainly on urban commercial retail and office premises in Stockholm and Gothenburg, with its main investment focus on Stockholm city centre. The company manages approximately 560,000 sq m of commercial real estate, with an estimated value of €2.73bn (Skr25bn), taking a long-term approach to developing and managing flexible and attractive commercial office and retail space. AMF Fastigheter’s entire profit accrues to its owner, pension company AMF Pension, which manages assets totalling approx. €41bn (Skr377bn) on behalf of 3.9 million investors.
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